Australia should use the proceeds from its resource-rich economy to counter its infrastructure backlog instead of establishing a sovereign wealth fund. That's the call from UBS Global Asset Management, which calculates Australia's infrastructure deficit at about $250 billion.
UBS's head of investment strategy, Mark Rider, and its chief executive, John Fraser, said Australia needed better co-ordination between federal and state governments, as well as superannuation funds, to overcome its two-speed economy............................................Full Article: Source